Bitcoin Risks Drop Toward $8K After 3-Week Low

Bitcoin (BTC) is on the back foot having hit three-week lows over the weekend and now risks deeper losses below $8,200, the technical charts indicate. The cryptocurrency fell to $8,204 on Bitfinex on Saturday – the lowest level since April 19 – and was last seen changing hands at $8,365, down around 16 percent from the recent high of $9,990. Note, the bears failed to cut through the support at $8,207 (the 50 percent Fibonacci retracement of the rally from the April 1 low to the May 5 high) in…

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Bitcoin Hits Three-Week Low, Eyes Break Below $8,600

Bitcoin (BTC) hit a three-week low of $8,713 on Bitfinex earlier today and looks set to extend losses further, price chart analysis indicates. The cryptocurrency failed to cut through the descending (bearish) 5-day moving average (MA) located at $9,382 yesterday, despite the bullish falling channel breakout on May 9, and fell below the $9,000 mark as anticipated. As of writing, BTC is changing hands around $8,800 – below the 100-day moving average (MA) of $8,849 and down 2.42 percent from the previous day’s close (as per UTC) of $9,018. The 10…

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Drop to $9K Still in Play Despite Brief Bitcoin Rally

Despite a brief rally yesterday, bitcoin (BTC) is still in corrective mode and risks falling back below $9,000, chart analysis suggests. The cryptocurrency broke out of the bearish falling channel setup Wednesday, courtesy of a bullish relative strength index (RSI) divergence – indicating the pullback from the recent high of $9,990 had ended at a low of $8,980. The breakout also raised the prospects of a stronger move towards $9,767 (April 25 high) and possibly even the $10,000 mark. However, the ascent has been cut short around $9,380 in the last 15 hours,…

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Buffett ‘Disciple’ Condemns Investor’s Views On Bitcoin

Venture capitalist Chamath Palihapitiya has countered billionaire Warren Buffett’s recent derogatory statements on bitcoin, stating that the cryptocurrency is “important.” His comments come after Buffett, the chairman and CEO of Berkshire Hathaway, argued that bitcoin is more of a gamble than an investment at the end of April, and then, last weekend at a shareholders’ meeting, he said bitcoin is “probably rat poison squared.” While calling himself a Buffett “disciple,” Palihapitiya told CNBC that Buffett is wrong about bitcoin. “Not everybody is right all the time,” he told the news source, further suggesting that that…

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Topping Out? Bitcoin Bulls Need to Defend $9K

Having hit seven-day lows below $9,000 this morning, bitcoin (BTC) is looking decidedly weak. The cryptocurrency fell to $8,980 on Bitfinex a few hours ago and was last seen changing hands at $9,080 – down 1.13 percent from the previous day’s close (as per UTC) of $9,184. The downwards move does not come as a surprise, however, with the bear flag breakdown witnessed yesterday opening the doors for a fall to $8,865. Now, unless the bulls can make a defense of support at $9,055 (seen in chart below), the cryptocurrency…

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Bitcoin Risks Drop Below $9K After 4-Day Low

Bitcoin dropped to four-day lows below $9,200 on Monday and now looks set to explore levels below the $9,000 mark, the technical charts indicate. Yesterday’s downwards move meant the cryptocurrency closed below the 10-day moving average (MA) – signaling short-term bullish invalidation – having failed to beat the key inverse head-and-shoulders neckline resistance over the weekend. As of writing, BTC is trading at $9,357 on Bitfinex – largely unchanged on the day, but down 6.3 percent from the recent high of $9,990. Worryingly for the bulls, the price chart analysis…

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Futures Launch Weighed on Bitcoin’s Price, Say Fed Researchers

Researchers from the U.S. Federal Reserve Bank’s San Francisco division believe that the launch of bitcoin futures on several marketplaces in the U.S. last December played a role in a subsequent slump in the cryptocurrency’s price. According to a research paper published on Monday, the authors  – including three researchers from the Federal Reserve Bank of San Francisco as well as a finance professor from Stanford University – believe bitcoin’s recent price trend is somewhat similar to how the housing bubble developed in the U.S. during the 2000s. And the…

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Bitcoin Looks for Price Support After Failed $10K Crossover

Bitcoin’s (BTC) pullback in prices over the weekend has dampened the immediate prospects for the bulls, the technical studies indicate. Having witnessed a bullish pennant breakout last Friday, the cryptocurrency looked set to scale the $10,000 mark in a convincing manner over the weekend. However, the bullish move unexpectedly ran out of steam at $9,990 at 13:00 UTC on Saturday, according to Bitfinex, and had retreated to $9,258 earlier today. As of writing, bitcoin is changing hands at $9,400, representing a 2.67 percent drop from the previous day’s close of $9,658.…

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Bitcoin Sets Sights Above $10K After Bull Breakout

Following a bull breakout last night, bitcoin (BTC) looks set to test $10,000 and could possibly move higher over the weekend. Bitcoin closed yesterday (as per UTC) at $9,759 on Bitfinex – the highest daily close since March 7 – signaling the upside break of the week-long narrowing price range we’ve been anticipating. The cryptocurrency also clocked a two-month high of $9,875 yesterday. At time of writing, BTC is changing hands at $9,776 and remains on the hunt for a big break above the $10,000 mark, as indicated by the…

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Angel Investor Amassed 10,000 Bitcoins Amid 2018 Price Slump

Cai Wensheng, an angel investor from China and chairman of photo retouching app provider Meitu, says he has achieved his goal of accruing 10,000 bitcoins. In an open group Q&A session with tech entrepreneur Wang Feng on WeChat on Thursday, Cai disclosed that although he was holding a single bitcoin in January of this year, he moved to increase his portfolio over the first quarter of 2018 amid the bearish market’s lower prices. Soon after December’s record high round $20,000, the price of bitcoin started dropping in January. It reached a low…

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